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Credit Purchase Agreement
"I need a Credit Purchase Agreement for selling industrial machinery worth SGD 500,000 to a manufacturing company, with monthly installments over 36 months and requiring both corporate guarantees and equipment insurance."
1. Parties: Identification of creditor and debtor with full legal names and addresses
2. Background: Context of the credit purchase arrangement and purpose
3. Definitions: Key terms used throughout the agreement
4. Credit Terms: Principal amount, interest rate, payment schedule, and duration
5. Payment Terms: Method, timing, and conditions of payments
6. Security: Details of any collateral or security arrangements
7. Default Provisions: Consequences and remedies in case of default
8. Governing Law: Specification of Singapore law as governing law
1. Insurance Requirements: Required when the credit purchase involves insurable assets - used for high-value purchases or where asset protection is crucial
2. Early Repayment Terms: Conditions and calculations for early repayment - used when early repayment options are offered
3. Third-Party Guarantees: Terms relating to guarantors - used when a guarantee is required as additional security
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Asset Description: Detailed description of goods being purchased on credit
3. Interest Calculation Methods: Detailed explanation of interest calculation formulas
4. Security Documents: Copies of related security documentation
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